Barclays Slashes Mortgage Interest Rates

Woolwich, the mortgage arm of Barclays, a leading UK bank, has increased its mortgage lending by 42% in 3 years, which compares to an industry average of 3.5%. The bank has given out £ 55.7 billion in mortgages, thus bringing the size of its mortgage book to £100 billion.

To celebrate this great achievement, Barclays has slashed the interest rates on its tracker mortgages by 0.41%, which means that the 70% LTV deal is now available at 2.08% + base rate, while 75% LTV deal is offered at 2.39% + base rate.

Commenting on the changes, Mr. Parsons of Barclays said that such significant growth in mortgage lending means that the bank is highly committed to support homeowners and homebuyers in their desire to own a property. He added that the 42% increase would have been impossible without constant revisions of mortgage deals and their adaption to the needs of UK borrowers.

You can take advantage of the low interest rates offered by Woolwich or compare residential mortgages using online comparison tools.